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The Low Carbon Economy Ltd

02 Feb 2011 12:02:09

EU investment of €2.9 trillion 'needed to meet emissions targets'

EU investment of €2.9 trillion 'needed to meet emissions targets'
Meeting European carbon reduction targets is likely to require €2.9 trillion (£2.47 trillion) of investment in green technologies before 2020, a new study claims.

Published by Accenture and Barclays Capital, the report looks at the cost of the "development, procurement and implementation" of 15 low carbon projects, defined as "viable", which collectively will help reduce emissions by 83 percent from 1990 levels.

Of the €2.9 trillion needed, €0.6 trillion will be used for research, development and production of the technologies, while the remainder will be spent on the procurement and implementation of the innovations, and related infrastructure.

Peter Lacy, managing director of sustainability services in Europe, Africa and Latin America at Accenture, said: "High public sector debt and maturing technology now mean that private sector capital, primarily intermediated by banks, must be provided to accelerate the investment we need to meet our 2020 goals."

He added, however, that governments must play their role in stabilising carbon markets and creating transparent policies.

Energy and climate change secretary Chris Huhne has previously claimed the UK alone will require £200 billion investment in its energy infrastructure by 2020 if it is to meet its renewable energy targets.  ADNFCR-1235-ID-800380475-ADNFCR

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